CBIP jumped 22 sen (5.01%) yesterday, on the back of slightly higher trading volume. The technical picture suggests a buy signal as the share price has broken out of a downward sloping trend channel. The MACD indicator has also staged a crossover of its zero-line, suggesting that a bullish uptrend is imminent. Key indicators are also supporting the bullish uptrend with RSI and Stochastics both hooking upwards. Based on the chart pattern, we expect CBIP to move towards our measurement objective of RM5.65. Traders who are looking to buy into the stock should target RM5.62 (3 bids below the RM5.65 TP), while employing a strict stop-loss at RM4.39 (representing 3 bids below the RM4.42 support level).
Source: Kenanga
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